Curve Dao (CRV) token shows signs of life after historic bottom
The CRV price hit a new low as of date.
The price evolves within a descending wedge.
There are signs of a bullish reversal
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The Curve Dao (CRV) hit an all-time low and started to rebound slightly.
While there are signs of a bullish reversal, they are not yet sufficient to confirm a trend reversal.
CRV hits historic low
The CRV price has been declining since August 25, when it peaked at $ 23.25. On October 7, the price hit its all-time high at $ 0.045 and created a long lower wick before rising slightly. Price then posted another lower wick, with a bullish close the next day.
Although the RSI is oversold, it has not yet generated the slightest bullish divergence, which would be a strong sign of a rise in the price.
A logarithmic graph is used in order to best display the large fluctuations in the price
Crypto trader @ Mesawine1 shared a CRV chart showing the price is approaching the support line of a descending channel.
Further observation shows that the pattern looks more like a downward bevel than a channel.
As in the daily chart, the RSI is oversold and is now found rising. It didn’t generate any bullish divergence, however, as the MACD turned positive.
However, the ambiguity in the diagram as well as the lack of clear signs, combined with the fact that the price is moving practically to its minimum level to date sow doubts as to a possible advance.
While this is still very possible, there aren’t enough signs that a breakthrough will take place.
If the price does manage to pass its resistance, the next ones will be at $ 2.10 and $ 2.90. The $ 2.10 area also coincides with the top of the bevel.
In the event of a passage of the first resistance but an inability of the price to reach these following zones, this would indicate that the advance was a retracement. The CRV should then go down and generate a new historical bottom.
In conclusion, although it is possible that the price of CRV exceeds its descending wedge, there is no definitive sign that confirms such an action.